Report as on 5 July 2023 at 01:07 AM

STRONG
LONG TERM FUNDAMENTALS
Bullish Redington
Technical Trend

Buy
Fair
Valuation
CMP: 193.55
High (77.18%) STOCK INFO:
Institutional Holding BSE – 532805/ NSE – REDINGTON
Market Cap - Mid Cap (Rs. 15,187 cr)
Sector – IT - Hardware
Market Beating 52 w H/L (Rs.) – 202.2/118
Dividend Yield: 3.45%

Returns Debt Equity: 0.19%

Return on Equity: 20.1%
Over 3 Years Price to Book: 2.16

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Redington
CMP: 193.55 Buy 77
Report as on 5 July 2023 at 01:07 AM
Strong Sell Sell Hold Buy Strong Buy

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WHY IT’S A BUY? IS THIS STOCK FOR YOU?

High Risk, High Return (1 Year)
Strong Long Term Fundamental Strength with an
average Return on Capital Employed (ROCE) of Absolute Risk Volatility
Adjusted
34.97%
-Healthy long term growth as Net Sales has grown by Redington 50.92% 1.53 33.39%
an annual rate of 13.79% and Operating profit at SENSEX 23.00% 1.95 11.81%
20.97%
How much should you buy? -
-Company has a low Debt to Equity ratio (avg) at 0.08
Overall Portfolio exposure to Redington should be less
times
than 10%
Stock is technically in a Bullish range Overall Portfolio exposure to IT - Hardware should be
-The technical trend has improved from Mildly less than 30%
Bullish on 05-Jun-23 and has generated 7.2% returns (If sector exposure > 30%, please use optimiser tool to
see which are the best stocks to hold in IT - Hardware)
since then
-Multiple factors for the stock are Bullish like MACD, When to exit? - We will constantly monitor the company
and suggest at the appropriate time to exit from the
Bollinger Band and KST stock
With ROCE of 23.8, it has a Fair valuation with a 2
Enterprise value to Capital Employed
RETURNS SUMMARY (Price + Dividend)
-The stock is trading at a premium compared to its The stock gave a total returns of 61.57% in the last 1 year
Outperforming Sensex returns of 23.00%
average historical valuations
-Over the past year, while the stock has generated a 400%

return of 50.92%, its profits have risen by 8.8% ; the

PEG ratio of the company is 1.2
200%

High Institutional Holdings at 77.18% 0%

-These investors have better capability and

resources to analyse fundamentals of companies -200%
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Market Beating performance in long term as well Redington Ltd MIDCAP

as near term
-Along with generating 50.92% returns in the last 1
Investors Returns (3 years) –
year, the stock has outperformed BSE 500 in the last
3 years, 1 year and 3 months Period 6M 1Y 2Y 3Y
Stock (%) 7.55% 61.57% 46.23% 381.29%
Sector (%) 15.63% 15.63% 102.26% 528.69%

WHAT ARE YOUR RISKS? Sensex (%) 7.95% 23.00% 24.76% 81.78%

Flat results in Mar 23

-PAT(Q) At Rs 310.10 cr has Fallen at -13.3 %
-DEBTORS TURNOVER RATIO(HY) Lowest at 6.32 times
-EPS(Q) Lowest at Rs 3.97

MOJO PROFESSIONAL 1
Redington BUY | Report as on 5 July 2023 at 01:07 AM

BEFORE PROCEEDING AHEAD

This Real-Time Stock Analysis service is only for
PAID SUBSCRIBERS of www.marketsmojo.com

This Real-Time Stock Analysis Report was

generated on 5th July, 2023 at 01:07 AM, and may
not be valid if you are reading it later.

Some factors/data, as well as the buy/sell/hold call

might have changed.

To access the LATEST version of this report.

Click Here

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perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property rights and
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Redington BUY | Report as on 5 July 2023 at 01:07 AM

QUALITY

STRONG LONG TERM FUNDAMENTAL

STRENGTH WITH AN AVERAGE RETURN ON
CAPITAL EMPLOYED (ROCE) OF 34.97%

High Growth in Net Sales 100000Cr

of 13.8% CAGR
13.8% Company has experienced an increase
75000Cr
79,376

CAGR in its Net Sales in each of the past 4

62,644
51,465
consecutive years 50000Cr
41,601
46,536

Company’s Net Sales growth has

increased in each of the past 4 25000Cr
consecutive years
Net Sales has seen a high growth of 0Cr
26.71% over previous period Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023

Total Debt Debt to Equity Ratio

Low Debt to Equity Ratio Mar 2023 3,320.80 -0.10
Company’s average Debt to Equity ratio over the past few years Mar 2022 1,896.84 -0.49
is low at -0.10 times
Mar 2020 1,012.86 0.31
No clear trend in Debt to Equity Ratio numbers Mar 2019 1,338.45 0.40

ROCE
The company has been able to generate a Return on Capital
34.97% ROCE
Employed (avg) of 34.97% signifying high profitability per unit
of total capital (equity and debt)

Dividend Payout Ratio

Company's high Dividend Pay-out ratio of 40.30% signifying the
40.30%
Dividend Payout Ratio
profits of the company are real

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

TECHNICALS

STOCK IS TECHNICALLY IN A BULLISH

RANGE
Bullish Daily Moving Averages indicating near term price strength
Current Price 50 Day Moving Average 200 Day Moving Average

193.55 178.80 170.62

Factors with upward momentum

Indicator Technical Trend
MACD Bullish (weekly)
MACD Bullish (monthly)
Bollinger Band Bullish (weekly)
Bollinger Band Bullish (monthly)
KST Bullish (weekly)
Dow Theory Mildly Bullish (weekly)

Consistent Returns over the last 3 years

3 Months 1 Year 3 Years
334.70%
14.66%
13.14% 50.92%

22.43%
90.44%

Stock BSE 500 Stock BSE 500 Stock BSE 500

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

VALUATION

WITH ROCE OF 23.8, IT HAS A FAIR

VALUATION WITH A 2 ENTERPRISE VALUE
TO CAPITAL EMPLOYED
Expensive

Fair Tejas Networks

CWD TVS
Avantel
Elec.

valuation Valuation Redington

as compared to its Fundamentals

Attractive
Weak Fundamental Strong

Very
Enterprise value to Capital Employed vs ROCE
80 8
Fundamental

Expensive

Valuation
40 4

0 0
as compared to its

3
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22
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02
01

01

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02

02
past valuations
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Company Valuation Price to Book PE Ratio PEG Ratio Dividend

Ratio Yield
Key
Redington Fair 2.2 10.9 1.2 3.4%
Valuation
Multiples Tejas Networks Risky 4.1 -433.8 0 0%
vs Peers Avantel Very Expensive 11.7 46.9 0.8 0.1%
TVS Elec. Very Expensive 7.2 77.4 0 0%
CWD Very Expensive 20.2 177.2 0 0%

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

SHAREHOLDING

INSTITUTIONAL INVESTORS COLLECTIVELY

HOLD 77.18 % OF THE COMPANY
These investors have better capability and resources 100%

to analyse fundamentals of companies than most

retail investors.
77.44% 77.18%
75%

56.29% 55.54% 55.25% 54.44%

50%

25%

0%
Dec 21 Mar 22 Jun 22 Sep 22 Dec 22 Mar 23

Raising FIIs Confidence

FIIs have increased holdings this quarter and now hold 60.5% of the
Non Institution company
FIIs 22.82%
60.5%

Mutual Funds
11.87%
Insurance
Companies
3.69%

FII
80%

holding has increased by 60%

60.50%

23.85%
39.40%
Number of FIIs holding stake in the company has
38.74% 37.93% 36.65%
40%
increased to 305 from 294
20%

0%
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

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perform, modify, create derivative works, transmit, or in any way exploit any such content. Unauthorized usage is an infringement of our intellectual property rights and
a violation of law and it may also result in cancellation of your subscription package without any refund and may lead to legal action.

Redington BUY | Report as on 5 July 2023 at 01:07 AM

RETURNS

MARKET BEATING PERFORMANCE IN

LONG TERM AS WELL AS NEAR TERM
Along with generating 400%
50.92% returns in the last
1 year, the stock has 200%

50.92% outperformed BSE 500 in

the last 3 years, 1 year 0%

UP and 3 months
-200%

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Redington Ltd BSE500

Inconsistent Performance against Mid Cap

companies
Redington Ltd has not been a consistent
performer in the YTD

3rd
Quartile
2ndQuartile
1st
Quartile
Stock has been in the 2nd quartile in 2022
and in 3rd in YTD period

YTD 2022 2021

7.11% 24.79% 119.06%

Company 1 Month 3 Month 1 Year 3 Years

Redington 4.96% 14.66% 50.92% 334.7%
Return Tejas Networks 2.34% 17.55% 60.63% 1367.42%
Comparison
Avantel 55.24% 85.65% 210.51% 931.65%
with Peers
Closest peers by TVS Elec. 11.32% 20.07% 110.21% 297.17%
market cap
CWD -24.19% -34.4% -1.75% -

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

FACTORS
NOT WORKING
FOR THE COMPANY


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Redington BUY | Report as on 5 July 2023 at 01:07 AM

FINANCIAL TREND

Near term PAT trend is very

-13.3% negative
386.98 379.7
PAT (Rs Cr) 347.97
315.78 310.1
PAT Growth At Rs 310.10 cr has Fallen at -13.3 %
over average PAT of the previous four quarters of Rs
357.61 Cr

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Declining profitability; company

Rs 4.0 cr has created lower earnings for
shareholders 4.45
4.04
4.95 4.86
3.97
Earnings per
EPS (Rs)
Share (EPS) -
Lowest at Rs 3.97
Quarterly
in the last five quarters

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Company's pace of settling its 8.83

6.3 times Debtors has slowed 8.07

7 6.78
6.32
Debtors Turnover Ratio
Debtors Lowest at 6.32 times
Turnover Ratio- in the last five half yearly periods
Half Yearly

Mar 2021 Sep 2021 Mar 2022 Sep 2022 Mar 2023

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

FINANCIAL TREND

Increased income from non 46.38

Rs 46.4 business activities may not be 40.33

sustainable
cr
30.04
25.18
Non Operating Income
22.68

Non Operating Highest at Rs 46.38 cr

Income - in the last five quarters
Quarterly
Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023

Mar'23 Dec'22 Change%

Net Sales 21,848.6 21,674.3 0.8%
Key Operating Profit (PBDIT) excl Other Income 543.2 581.4 -6.6%
Result Interest 92.1 88.5 4.1%
Highlights Exceptional Items 0.0 0.0
Consolidated Net Profit 310.1 379.7 -18.3%
Operating Profit Margin (Excl OI) 2.5 2.7 -0.2%
Consolidate- figures in Rs
Cr

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

RESULT
ANALYSIS 

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

QUARTERLY VARIANCE

QUARTER RESULTS VARIANCE ANALYSIS

Mar'23 Dec'22 QoQ Mar'22 YoY Comments
Total Operating income 21,849 21,674 0.8% 17,302 26.3% QoQ and YoY increase
Total Expenditure (Excl Depreciation) 21,305 21,093 1% 16,811 26.7% QoQ and YoY increase
Operating Profit (PBDIT) excl Other Income 543 581 -6.6% 491 10.7%
Other Income 46 40 15% 23 104.5% High Growth in previous quarter
and same quarter last year
Operating Profit (PBDIT) 590 622 -5.2% 513 14.9%
Interest 92 88 4.1% 33 178.4% QoQ and YoY increase
Exceptional Items 0 0 0% 0 0%
Depreciation 43 39 9.5% 37 16.8% High Growth in previous quarter
and same quarter last year
Profit Before Tax 455 494 -8% 444 2.5%
Tax 126 102 24.4% 88 43.6% High Growth in previous quarter
and same quarter last year
Provisions and contingencies 0 0 0% 0 0%
Net Profit 328 393 -16.4% 356 -7.6% Fall in previous quarter and same
quarter last year
Share in Profit of Associates 0 0 0% 0 0%
Minority Interest 18 13 40.2% 8 140.7% High Growth in previous quarter
and same quarter last year
Other related items 0 0 0% 0 0%
Consolidated Net Profit 310 380 -18.3% 348 -10.9% Fall in previous quarter and same
quarter last year

Consolidate results triggered in Rs Cr

Margins
Mar'23 Dec'22 Sep'22 Jun'22 Mar'22 Avg. (4 Comments
Qtrs)
OPM 2.5% 2.7% 2.8% 2.8% 2.8% 2.8% In line with average (4 Qtrs)
GPM 2.3% 2.5% 2.7% 2.7% 2.8% 2.7% In line with average (4 Qtrs)
NPM 1.5% 1.8% 2.1% 1.9% 2.1% 2.0% In line with average (4 Qtrs)

MOJO PROFESSIONAL 12
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Redington BUY | Report as on 5 July 2023 at 01:07 AM

ANNUAL RESULT

NET SALES - YOY GROWTH IN YEAR ENDED

MAR 2023 IS 26.71% VS 10.01% IN MAR
2022
Consolidated Net Profit: YoY Growth in year ended Mar 2023 is 8.80% vs 68.79% in Mar
2022
Operating Profit (PBDIT) excl Other Income: YoY Growth in year ended Mar 2023 is
18.26% vs 33.37% in Mar 2022
Interest: YoY Growth in year ended Mar 2023 is 135.21% vs -26.11% in Mar 2022 26.71%
Operating Profit Margin (Excl OI): YoY Growth in year ended Mar 2023 has fallen from Mar NET SALES
2022

Mar'23 Mar'22 Change(%)

Net Sales 79,376.78 62,644.01 26.71%
Key Operating Profit (PBDIT) excl Other Income 2,118.82 1,791.67 18.26%
Annual Interest 271.88 115.59 135.21%
Results Exceptional Items 0.00 0.00
Consolidated Net Profit 1,392.56 1,279.91 8.80%
Operating Profit Margin (Excl OI) 2.67 2.86 -0.19%
Figures in Rs Cr | Seasonal companies are compared with the same quarter last year

Net Sales-YoY Growth in year ended Mar 2023 is 26.71% vs Consolidated Net Profit-YoY Growth in year ended Mar 2023
10.01% in Mar 2022 is 8.80% vs 68.79% in Mar 2022
100000 2000
79,376.78
1,279.91 1,392.56
56,945.86 62,644.01
46,536.15 51,465.17
50000 1000 758.28
507.78 515.21

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Operating Profit (PBDIT) excl Other Income-YoY Growth in Operating Profit Margin (Excl OI)-YoY Growth in year ended
year ended Mar 2023 is 18.26% vs 33.37% in Mar 2022 Mar 2023 has fallen from Mar 2022
4000 4
2.86 2.67
2.36
2,118.82 1.93 1.99
2000 1,791.67 2
1,343.38
898.68 1,022.81

0 0
Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023

Figures in Rs Crore

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

BALANCESHEET AND CASHFLOW

BALANCE SHEET AND CASH FLOW

ANALYSIS

42.21% Borrowings
Mar'22
632.79
Mar'21
444.98
Change%
42.21%

Increase
Other Long Term Liabilities 145.51 128.94 12.85%
Fixed Assets 578.63 427.98 35.20%
Investments 0.00 0.00
in Borrowings in quarter Current Assets 17,359.38 13,700.06 26.71%
ended Mar 2022 vs in
Figures in Rs Cr
Mar 2021

Other Long Term Liabilities: YoY Growth in year ended Mar 2022 is 12.85% vs -21.81% in Mar 2021
Fixed Assets: YoY Growth in year ended Mar 2022 is 35.20% vs -11.61% in Mar 2021
Investments: No Investments in the last few periods;
Current Assets: YoY Growth in year ended Mar 2022 is 26.71% vs 0.34% in Mar 2021

Cash From Operation - YoY Growth in year ended Mar

-71.71% 2022 is -71.71% vs 262.13% in Mar 2021
Mar'22 Mar'21 Change%
GROWTH Cash Flow from Operating Activities 989.20 3,496.89 -71.71%
Figures in Rs Cr

4000
3,496.89

2000

1,068.44 965.65 989.20

185.62
0
Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

PEER COMPARISION

PEER COMPARISON
Redington Tejas Networks Avantel TVS Elec. CWD
Size
Market Cap (Cr.) 15,136 12,111 1,262 736 383
Annual Sales (TTM) (Cr.) 79,377 920 154 353 23
Annual Net Profit (TTM) (Cr.) 1,393 -28 27 10 2
Growth Factors (TTM)
Net Sales Growth 1 year 26.7% 67% 47% 14.8% 0.5%
Operating Profit Growth 1 year 19% 36.4% 85.9% -36.8% -22%
Net Profit Growth 1 year 8.8% 55.5% 56.6% -35.5% -26%
Net Sales Growth 5 year 13.8% 4.2% 24.4% -38.8% 113.7%
Operating Profit Growth 5 year 21% -201.8% 35.7% -8.9% 55.6%
Net Profit Growth 5 year 23.7% -176.5% 11.7% -6.2% 42.6%
Capital Structure Factors
EBIT to Interest 7.2 -6.6 8.4 9.2 3.4
Debt to EBITDA 1.6 3.6 0.6 0.7 -
Net Debt to Equity 0.2 -0.3 0.3 -0.1 -
Sales to Capital Employed 9.6 0.5 1.1 3.8 -
Management Quality Factors
ROCE (latest) 23.8% -5% 30% 13.7% 20.2%
ROE(latest) 20.1% -0.9% 25% 9.3% -

Tax Ratio 21.5% 18.3% 26.6% 25.9% -

Operating CF to Net Profit 77.3% 1361.5% 6.2% 177.8% -
Dividend Payout Ratio 40.3% - 5.4% 24.7% -
Valuation Factors
PE Ratio 10.9 -433.8 46.9 77.4 177.2
Price to Book 2.2 4.1 11.7 7.2 20.2
PEG Ratio 1.2 - 0.8 - -
Dividend Yield 3.4% - 0.1% - -
EV to EBITDA 7.8 794.6 27.6 36.8 62.1
EV to Capital Employed 2 5.5 9.5 7.8 22.4
Shareholding
Promoter Holdings - 56.4% 40.1% 59.9% 72.3%
Promoter Pledged Holdings - - - - -
Total Institutional Holding 77.2% 14.5% - 0.1% -
FII Holdings 60.5% 10.5% - 0.1% -
Returns
1 Month 4.9% 2.1% 55.5% 11.4% -23.9%
3 Months 14.6% 17.3% 86% 20.1% -34.2%
YTD 7% 23.1% 102.1% 36.3% -34.8%
1 Year 50.8% 60.3% 211% 110.3% -1.4%
3 Years 334.4% 1364.5% 933.3% 297.3% -

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Redington BUY | Report as on 5 July 2023 at 01:07 AM

COMPANY BACKGROUND

COMPANY BACKGROUND

About the Company

An integrated supply chain solution provider, Redington India Limited was
INDUSTRY : IT - incorporated on 2nd May 1961. Being the second largest distributor of IT products
Hardware in India, the company and through all its subsidiaries distributes products from
over 220 leading manufacturers, services over 39,800 channel partners in India. It
is engaged in distribution of Information Technology, mobility and other
15,187 cr (Mid Cap) technology products besides supply chain solutions.

Part of NIFTY FREE

SMALL 100

Board of Directors
J Ramachandran Chairman & Independent Directo

Tu Shu Chyuan Nominee

M Muthukumarasamy Company Sec. & Compli. Officer

V S Hariharan Independent Director

Keith WF Bradley Independent Director

5 more board of directors

Company Coordinates

Company Details: Registrat Details:

S P L Guindy House, 95, Mount Road , Guindy , Chennai Tamil Cameo Corporate Services Ltd , Subramanian Buildings No 1 ,
Nadu : 600032 Club House Road, Chennai
Tel: 044 42243353 Fax: 044-28460129
Fax: 044 22253799
Email: investors@redington.co.in
Website: www.redingtonindia.com

MOJO PROFESSIONAL 16
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